A new report from Deloitte Consulting lists nine trends that are reinventing the HR software market. Entitled HR Technology Disruptions for 2017: Nine Trends Reinventing the HR Software Market, the report noted that a growing number of companies are using human resource data analytics to predict business performance, making it one of the top trends driving innovation in human capital management.
The report also provides useful insights for L&D professionals.
Millennials want more training
Interested in attracting more talented and innovative millennials to your organisation? The report notes that 22% of millennials consider their ability to acquire new skills on the job as their top driver when searching for a new position.
The Deloitte report makes it clear that companies that fail to invest strategically in training and development could lose their top young talent to companies that are amplifying their training and development programs.
The nature of learning has changed
The Deloitte report notes that the very definition of learning has changed. Since 2009, companies have shifted from 77% instructor-led training (ILT) to only 32% ILT last year. Meanwhile, the use of collaborative learning, virtual learning, as well as apprenticeship and on-the-job learning have exploded.
“Corporate L&D departments are realizing they should focus their time on high-value face-to-face experiences and radically redesign their content systems to accommodate the huge demand for high-quality, high-fidelity learning online. As they do so, they also push the organization and its management to focus on coaching, apprenticeship, and expert support,” noted the report.
The global L&D marketplace is huge
Mirroring these changes in L&D, the content marketplace has exploded. CB Insights believes that more than $5 billion in venture money was spent on the educational technology market from 2015 to 2016. High-fidelity learning programs are gaining traction and there is a growing demand for video and mobile learning courses in the corporate sector.
The Deloitte report estimates the global L&D marketplace to be worth over $130 billion (taking only corporate training into account). “[Hence] there is at least a $10–$15 billion market for technologies and tools to help organize, administer, manage, and track all this training.”